Dogecoin Price Prediction as DOGE Bulls Hold $0.15 Level – $1 Incoming?
The world’s favorite meme coin, Dogecoin (DOGE), is up 20% over the last week.
That makes DOGE the only cryptocurrency in the top ten by market capitalization to realize double-digit percentage gains over the past seven days.
Broadly speaking the largest market cap coins have all been rallying strongly since February.
The biggest price-driving narratives recently have been the US SEC’s approval of eleven spot Bitcoin ETFs and the increasing likeliness of Ethereum ETFs around the corner, alongside general hype about an upcoming halving happening to the new supply of Bitcoin in April.
While DOGE is one of the biggest climbers among top 10 cryptocurrencies, among the meme coins it’s a different story. DOGE rallied the lightest over the last seven days; its nearest runners up SHIB and PEPE posted hefty three-digit gains —both rallying over 130%.
Over on DOGE’s trading chart we can see just how sharply the number one meme coin has rallied since the end of February. There has also been a significant pullback toward the end of the first week of March and with a Relative Strength Index of 48 there is plenty of headroom for gains or losses.
Source: TradingView
DOGE is very unlikely to hit $1 in the near term, but if it makes significant strides by the end of May, which is when both the halving and Ethereum ETF narratives will have been priced into all of the leading cryptocurrencies, then we will have a clearer idea if it will hit $1 in 2024.
While it is true that meme coins are making headlines with their blistering rallies, it’s also valid for investors to ask themselves how much mileage these rallies really have.
Crypto is already highly speculative and volatile so meme coins have to offer solid fundamentals if they want to survive
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